(To read more on the net lease market, click here.)
ELK GROVE VILLAGE, IL-Citicorp Credit Services, Inc. has signedthe largest suburban office lease for existing space so far thisyear, taking Franklin Street Properties Corp.'s entire 176,848-sfbuilding at 50 Northwest Point. The financial services giant isconsolidating operations in the 125-acre Park at Northwest Pointnow in the O'Hare area, Deerfield and Hoffman Estates.
The lease begins Jan. 1, according to a short form of the10-year deal filed with the Cook County Recorder of Deeds office.Citicorp Credit Services has two five-year options beginning in2017. Although financial terms were not disclosed, asking grosslease rates at the building along the Northwest Tollway have been$24 per sf, which would put the value of the 10-year lease in theneighborhood of $42 million.
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